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Premium Rates Fall

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Date:
4/5/2007

Title:
Premium Rates Fall

Content:

Government of Western Australia
Media Statement

Michelle Roberts MLA

Minister for Employment Protection; Housing and Works;
Indigenous Affairs; Heritage; Land Information


Statement released: 4 may 2007
Portfolio: Employment Protection

Safety at work pays off for businesses

4/5/07

Employment Protection Minister Michelle Roberts today announced a reduction in compulsory workers’ compensation insurance premium rates.

Mrs Roberts said on average, the recommended premium rates would attract an overall decrease of 12.7 per cent.

“The new rates take effect from June 30 and because 40 per cent of workers’ compensation policies are renewed in May/June, many businesses will feel the benefit of the reduction immediately,” she said.

“The average premium rate in Western Australia will fall from 2.117 per cent in 2006-07 to 1.849 per cent in 2007-2008.”

WorkCover WA independently recommends benchmark premium rates for workers’ compensation insurance. These rates are based on the performance of the workers’ compensation scheme and claim experience across more than 480 industries.

“This allows employers to compare quotes offered by different insurance companies,” the Minister said.

“When the overall 12.7 per cent decrease is applied across the 480 industry classes, premium rates in 401 industry classes decrease and 56 increase, reflecting overall trends and the performance of individual industries.

“Approximately 250 industries will have a 10 per cent or greater reduction in the recommended premium rate.

“Over the past few years, the State Government has been able to deliver significant improvements in benefits to injured workers, while at the same time reducing premiums paid by employers.

“This latest reduction reflects a commitment by employers and workers to safety and preventing injuries in the workplace.”

Mrs Roberts said that while overall injury rates and workers’ compensation claims had decreased, the number and duration of more severe injuries and claims remained stable.

“More than 70 per cent of total workers’ compensation costs relate to only 13 per cent of claims, which means that even a small reduction in the number and duration of severe claims will make a big difference in the cost of the workers’ compensation scheme,” she said.

“The challenge I have set for WorkCover WA is to partner with stakeholders including employers, insurers, and medical practitioners, to ensure that early identification and appropriate management of injuries lead to better return to work outcomes for injured workers in WA.”

The full schedule of rates is available by clicking here. 

Click here to send a comment to the Hon. Michelle Roberts. 

Click here for the full list of Government Media Statements.

Minister's office - 9213 6600


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